Salvaging COP28: The Urgent Need for Bold Financing Initiatives
The upcoming United Nations Climate Change Conference (COP28) in Dubai is just days away. This article discusses the importance of a bold financing initiative led by the United Arab Emirates (UAE) to provide essential funding and support to the Global South in mitigating the effects of climate change. It highlights the need for a Loss and Damage Fund and the responsibilities of historical emitters. The article emphasizes the role of Sultan Al Jaber, the president of COP28, in breaking the impasse and developing a funding plan. It suggests a 3 percent tax on windfall revenues from oil and gas exports as a means to bridge the climate financing gap. The article also addresses the urgency of action, the contrast between oil-exporting countries’ earnings and the impact on the Global South, and the opportunity for COP28 to make a lasting impact on the planet’s future.